Business
Modi Government Reinforces ‘Trust First, Scrutinize Later’ Approach with New Income Tax Framework
As announced by Finance Minister Nirmala Sitharaman, individuals earning up to Rs. 12 lakh will be exempt from income tax under the new tax regime.
In her Union Budget announcement, she introduced several key initiatives aimed at simplifying the tax system and providing relief to various taxpayer segments.
Among the notable changes are revisions to the Tax Deduction at Source (TDS) limits, the introduction of new tax slabs for individuals, and increased benefits for senior citizens, demonstrating the government’s commitment to easing the financial pressure on its citizens.
Tax rebates will be granted in conjunction with the reduced slab rates, ensuring that many taxpayers will not have to pay any income tax. According to the Finance Minister, “The new structure will significantly lower taxes for the middle class, leaving more disposable income which can enhance household consumption, savings, and investment.”
Under the new plan, a taxpayer with an income of Rs 12 lakh will benefit from a tax reduction of Rs 80,000, which corresponds to the total tax payable under the previous system. An individual earning Rs 18 lakh will see a tax reduction of Rs 70,000, representing 30% of the current tax obligations. Those with incomes of Rs 25 lakh will benefit from a Rs 1.1 lakh tax reduction, amounting to 25% of their existing tax liability.
Additionally, there has been a revision in the income tax surcharge for high earners: a 10% surcharge for those earning between Rs 50 lakh and Rs 1 crore, a 15% surcharge for incomes ranging from Rs 1 crore to Rs 2 crore, and a 25% surcharge for incomes exceeding Rs 2 crore. This surcharge applies to individuals and households whose total income surpasses these limits.
With these reforms, the Modi government aims to establish effective governance that is responsive to the needs of the people and the economy. The Union government has also prioritized senior citizens by raising the tax deduction limit for interest income from Rs 50,000 to Rs 1 lakh. This initiative reflects the government’s dedication to easing the tax burden on seniors, who often depend on interest from savings for their post-retirement income.
Attention is now on the upcoming income tax bill set to be unveiled next week, which the Finance Minister asserts will embody the principles of ‘Nyaya’ (justice).
Chikkaballapur: The Chikkaballapur Milk Union (Chimul) has announced good news for milk producers in Chikkaballapur district. The union has decided to increase the milk procurement price by 50 paise per litre, which will benefit dairy farmers in the district.
Earlier, on January 1, Chimul had increased the price by Rs.1 per litre as a New Year benefit to farmers. Now, the union has announced an additional 50 paise increase.
With this latest revision, dairy farmers will receive Rs.36.40 per litre for milk. The 50 paise increase will remain in effect until the end of May.
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Chimul President Manjunath Reddy told Public TV that the union will review its profits and may continue the price increase in the future based on financial performance.
The decision is expected to provide some relief and encouragement to dairy farmers in Chikkaballapur district.
Business : After the death of parents, legal heirs are eligible to inherit their property. However, certain procedures must be followed before the transfer is completed in India.
Heirs must file the deceased person’s income tax return for the year of death and pay any pending taxes. There is no estate tax on inherited property in India, but any income earned from it, such as rent or interest, is taxable.
If the property is sold, capital gains tax will apply based on the difference between the original purchase price and the selling price. Clearing any outstanding loans linked to the property is also mandatory.
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Important documents such as the will, succession certificate, death certificate, and property valuation report should be kept ready to ensure a smooth transfer process.
New Delhi: Banks across India will remain closed on February 14 as it falls on the second Saturday of the month. The holiday is part of the official schedule released by the Reserve Bank of India, which requires banks to shut on the second and fourth Saturdays and all Sundays.
Customers are advised to finish important financial tasks early to avoid last-minute trouble. Every year, the RBI publishes a holiday calendar that lists national holidays, regional festivals, and other scheduled closures.
In February, banks in some states will also close for regional occasions such as the birth anniversary of Chhatrapati Shivaji Maharaj and Statehood Day in Mizoram and Arunachal Pradesh.
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Even though bank branches will remain closed, digital services like ATMs, internet banking, and UPI will continue to work normally.
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